United States House Committee on Financial Services Meeting of the House Financial Services Committee History[edit] The committee was once known as the Committee on Banking and Currency. The Banking and Currency Committee was created in 1865 to take over responsibilities previously handled by the Ways and Means Committee. Members[edit] 113th Congress[edit] Sources: H.Res. 6 (Chairs), H.Res. 7 (D), H.Res. 17 (R) and H.Res. 22 (D). 112th Congress[edit] Source: Resolutions electing Republican members (H.Res. 6, H.Res. 33)Resolutions electing Democratic members (H.Res. 7, H.Res. 39) Subcommittees[edit] The Financial Services Committee operates with six subcommittees. Chairmen[edit] As Committee on Banking and Currency (1865–1968)[edit] As House Committee on Banking, Finance, and Urban Affairs[edit] As House Committee on Banking and Financial Services[edit] 1995–2001: Jim Leach As House Committee on Financial Services (since 2001)[edit] See also[edit] References[edit] External links[edit] House Committee on Financial Services Homepage
US poverty on track to rise to highest since 1960s Now Playing US poverty level set to hit highest mark since 1965 The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net. Census figures for 2011 will be released this fall in the critical weeks ahead of the November elections. The Associated Press surveyed more than a dozen economists, think tanks and academics, both nonpartisan and those with known liberal or conservative leanings, and found a broad consensus: The official poverty rate will rise from 15.1 percent in 2010, climbing as high as 15.7 percent. Poverty is spreading at record levels across many groups, from underemployed workers and suburban families to the poorest poor. "I grew up going to Hawaii every summer. Fritz says she grew up wealthy in the Denver suburb of Highlands Ranch, but fortunes turned after her parents lost a significant amount of money in the housing bust.
Glenn Beck Explains Why The Federal Reserve Is a ‘Scam’ Glenn Beck used his Monday evening broadcast to expose the four key ways in which the Federal Reserve is a “scam,” namely because: We’re not allowed to see who owns the FedWe’re not allowed to audit the FedThe Fed is our biggest lender (bigger than China)The Fed is the biggest receiver of Federal funds Beck believes that the Federal Reserve and the Treasury are doing something “you and I couldn’t get away with,” and that’s “writing bad checks.” “We are paying them for the privilege of bailing them out,” Beck quipped. There have been no less than seven government bailouts “funded by you since 2008″ with a price-tag of $2 trillion.
Electronic Money - Wiki Electronic money is a new expression the meaning of which is not stable. It can refer to different realities depending on the context (legal or not, historical or actual, monetary theory...). However, the underlying principle of electronic money involves the use of computer networks, the Internet and digital stored value systems. Electronic money definitions[edit] A European Commission website describes electronic money, or e-money, as “a digital equivalent of cash, stored on an electronic device or remotely at a server.” Law[edit] Since 2001, the European Union has implemented a directive "on the taking up, pursuit and prudential supervision of the business of electronic money institutions" last amended in 2009.[2] Yet doubts on the real nature of EU electronic money have arisen, since calls have been made in connection with the 2007 EU Payment Services Directive in favor of merging payment institutions and electronic money institutions. Electronic money systems around the world[edit]
Report: Government Wasting 'tens Of Billions' Of Dollars Annually On Duplication, Overlap As lawmakers across the Capitol hear appeals Tuesday from Obama administration secretaries pleading for their budgets, duplication and overlap in dozens of areas of government is wasting "tens of billions of dollars annually," a new government report shows. According to the Government Accountability Agency's 2012 annual report, nearly every department of the Executive Branch has room for improvement. The report, which gives 51 areas and recommends 130 actions, follows a 2011 GAO report that showed 81 areas and 176 actions to be taken to "reduce or eliminate unnecessary duplication, overlap, or fragmentation or achieve other potential financial benefits." "Collectively, these reports show that, if the actions are implemented, the government could potentially save tens of billions of dollars annually," Gene Dodaro, comptroller general for the U.S., said in remarks prepared for Tuesday's hearing in the House Oversight and Government Relations Committee. Sen. Click here to read the GAO report.
Faber: '100% Chance' of Global Recession Investors need to prepare for a global recession. That’s the takeaway from one well-respected economist after his recent appearance on CNBC’s Fast Money Halftime Report. According to Marc Faber, the author of the Gloom, Boom, and Doom Report, a global recession is all but a certainty later this year or in early 2013. When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered: Faber’s pessimism during his recent appearance on CNBC wasn’t surprising for a man whose nickname is “Doctor Doom.” What was surprising was his level of certainty that a global recession was coming. Faber stated that there is a “meaningful slowdown in India and China” that many investors are missing due to the media’s focus on Greece and Spain. He is also worried that the wealthy may be showing signs of spending fatigue after Tiffany’s reported slowing sales. Editor’s Note: See the disturbing interview with Wiedemer. © 2014 Moneynews.
Frbny Social Media Rfp Boom in Private Student Loans Mirrored Mortgage-Lending Frenzy, Report Says - Government By Goldie Blumenstyk Washington The same kind of lending frenzy that created the subprime-mortgage crisis also fueled a dangerous boom in private student loans, says a report released on Friday by the Consumer Financial Protection Bureau and the U.S. Department of Education. The rise in private student loans, which now account for about $150-billion of the more than $1-trillion in outstanding student debt, has left hundreds of thousands of borrowers stuck with bigger loans than they needed under repayment terms that are less flexible than those for federal loans, the report says. Most of the growth occurred between 2001, when less than $7-billion in private loans were issued, and the onset of the financial crisis, in 2008, a year in which more $20-billion were. Richard Cordray, the bureau's director, said the "aggressive lending" practices of the banks were "strikingly similar" to those of the mortgage industry during the same period. 'The Best Deal Around' In the report, Mr.
s Aftershock Survival Summit 'Scared the Hell Out of Me. It Was a Great Wake-Up Call (Although I Wasn't Really Asleep)' — Russell H., from Wichita, Kansas Over 50 Million Americans Have United to View This Powerful Warning to Prepare for an Impending Economic Crisis! World's richest 1% own 40% of all wealth, UN report discovers | Money The richest 1% of adults in the world own 40% of the planet's wealth, according to the largest study yet of wealth distribution. The report also finds that those in financial services and the internet sectors predominate among the super rich. Europe, the US and some Asia Pacific nations account for most of the extremely wealthy. More than a third live in the US. The UK is also third in terms of per capita wealth. The global study - from the World Institute for Development Economics Research of the United Nations - is the first to chart wealth distribution in every country as opposed to just income, for which more comprehensive date is available. Anthony Shorrocks, director of the research institute at the United Nations University, in New York, led the study. His team used detailed data from 38 countries, but had to rely on incomplete information from the rest. The report found the richest 10% of adults accounted for 85% of the world total of global assets.
House oversight committee schedules contempt vote for Holder The House Oversight and Government Reform Committee has scheduled a vote for next week to consider holding Attorney General Eric Holder in contempt of Congress over the controversial Fast and Furious gun-tracking operation. Committee Chairman Darrell Issa, R-Calif., released a 64-page memo in early May outlining the case for holding the attorney general in contempt. The chairman based his argument around Holder's failure to respond to an October 2011 subpoena for internal Justice Department documents on the operation. The committee's vote for contempt is scheduled for June 20. "The Obama administration has not asserted Executive Privilege or any other valid privilege over these materials, and it is unacceptable that the Department of Justice refuses to produce them," Issa said in a statement Monday, accusing Holder of having "failed to meet his legal obligations." In a separate statement, House Speaker John Boehner said the department is "out of excuses." "No. Sen.
May sees pickup in homes facing foreclosure risk LOS ANGELES – Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales — scenarios that could further weigh down home values in coming months. Default or scheduled-home-auction notices were filed for the first time against 109,051 homes last month. That's an increase of 12 percent from April and up 16 percent versus May last year, foreclosure listing firm RealtyTrac Inc. said Thursday. The firm monitors documents filed on properties with mortgages that have gone unpaid. Once that process begins, homes can end up foreclosed-upon, sold at auction or via a short sale. A short sale is when the bank agrees to accept less than what the borrower owes on their mortgage. May was the first month since January 2010 that the number of homes starting on the foreclosure path rose on an annual basis. Many of the homes now entering the foreclosure process could end up repossessed by banks.